Description: Maritime Workers Union of Nigeria, MWUN, has directed its members to withdraw services and shut down ports across the country over unpaid wages from international oil companies following the expiry of their ultimatum on 25th June 2019. MWUN stated that the industrial action would continue “until all demands were met”.
Working together to combat illegal fishing off the Somali coast
This week, a representative of EU NAVFOR Somalia Operation ATALANTA met with Mr. Julien Daudu, policy Officer for Illegal, Unreported and Unregulated Fishing (IUU) of the European Commission’s Directorate General for Maritime Affairs and Fisheries (DG MARE).
The meeting was a regular one that occurs between EU NAVFOR and DG MARE once every three months. During these meetings, EU NAVFOR Somalia Operation ATALANTA staff report the past quarter’s accumulated observations of fishing activities off the coast of Somalia. During this meeting with the DG MARE, EU NAVFOR presented more than 300 fishing-related observations that had been documented over the past three months.
This information sharing between EU NAVFOR and the European Commission is crucial as provides the Indian Ocean Tuna Commission (IOTC) with factual data on fishing activity with regards to illegal, unreported and unregulated fisheries. Furthermore, it allows the appropriate authorities to then take action against offenders who have violated the Exclusive Economic Zone (EEZ) of Somalia. This collaboration is a great example of effective cooperation between the European Commission and EU NAVFOR Somalia.
In accordance with the Operation ATALANTA mandate, EU NAVFOR air and naval assets are constantly collecting data regarding fishing activity off the coast of Somalia.
Acquisition of newcastlemax dry bulk newbuilding with long-term charter
Ocean Yield ASA is pleased to announce that the Company has agreed to acquire one 206,000 dwt newcastlemax dry bulk newbuilding for a total consideration of USD 40 million net of a seller's credit, with 15 -year bareboat charter to CMB NV ("CMB").
The vessel is expected to be delivered from the shipyard in Q1 2020. CMB will have certain options to either sell or acquire the vessel during the charter period.
Ocean Yield's Chief Executive Officer Lars Solbakken said in a comment:
"We are delighted to expand our relationship with CMB with the acquisition of one newcastlemax dry bulk vessel, bringing our fleet up to a total of 61 vessels. Ocean Yield now has one dry bulk vessel and four container feeder vessels on long-term charter to CMB." Company contact:
CoensHexicon and Shell to develop floating wind in South Korea
CoensHexicon Co., Ltd, South Korea has signed a Joint Development Agreement with Shell with the purpose to develop, construct and operate a floating wind farm approximately 40 km offshore from the Metropolitan City of Ulsan.
Ulsan is the industrial powerhouse of South Korea. It has the world's largest automobile assembly plant, the world's largest shipyard and the world's third largest oil refinery. Initial project development has started early 2019 and is led by CoensHexicon.
Henrik Baltscheffsky, CEO of Hexicon AB and Director of CoensHexicon Co., Ltd, said:
“This is the start of our commercial journey in South Korea and similar places around the globe. We have formed a project company in Busan, TwinWind Development Co. Ltd, obtained an adequate water area offshore Ulsan City and are developing the first commercial floating wind farm. Our collaboration with Shell will contribute a wealth of skills and expertise when it comes to developing and operating a large floating wind farm. This includes serial manufacturing in South Korea of the patented multi-turbine foundation design developed by Hexicon in Sweden.”
Update on the proposed acquisition of Green Highland Renewables
Atlantis provides the following update to the announcement made on 18 June 2019 regarding its conditional sale and purchase agreement (“SPA”) to acquire Green Highland Renewables (“GHR”) from the SIMEC group.
As announced on 18 June, the Company is considering an alternative transaction structure in relation to GHR. Atlantis now has agreed to release the SIMEC group from its obligations under the SPA in consideration for receipt of a payment in cash of approximately £5 million, pursuant to a payment agreement, (the “Payment Agreement”) which will be deployed towards the delivery of its flagship 220MW Uskmouth waste-to-energy conversion project. Furthermore, SIMEC has agreed pursuant to a loan agreement made between Atlantis and SIMEC, subject to the satisfaction of certain conditions precedent, to make a £2 million interest free loan available to Atlantis (the “Loan Agreement”). Further information on these agreements is provided below.
Highlights
- SIMEC has agreed to pay Atlantis the sum of £5.03 million in cash in order to be released from its obligations under the SPA
- SIMEC has also agreed to make a £2 million interest free committed debt facility available to Atlantis
- These additional financial resources will be deployed towards the delivery of its flagship 220MW Uskmouth waste-to-energy conversion project.
Payment and Loan Agreements
In light of the 62,878,710 new Ordinary Shares in Atlantis issued to SIMEC in March 2019 pursuant to the sale and purchase agreement (“SPA”), Atlantis has agreed pursuant to the Payment Agreement entered into on 27 June 2019 to release the SIMEC group from its obligations under the SPA in consideration for the payment in cash of approximately £5 million. This sum is payable by SIMEC in instalments, as and when required by Atlantis, but with the full £5.03 million payment due by no later than 31 December 2020.
Furthermore, SIMEC has agreed pursuant to the Loan Agreement dated 27 June 2019 made between Atlantis and SIMEC subject to the satisfaction of certain conditions precedent to make a £2 million interest free loan available to Atlantis. The loan term ends on 31 May 2022 at which point SIMEC can elect to be repaid in cash or Atlantis Ordinary Shares at a price of 19p per Ordinary Share. SIMEC’s right to be repaid in Atlantis Ordinary Shares by conversion of the loan shall be subject to the consent of the Board of Atlantis (not to be unreasonably withheld or delayed) if such conversion would cause SIMEC’s shareholding in Atlantis to exceed 49.99 per cent. of its issued share capital. The loan is subject to the satisfaction of certain conditions precedent including Atlantis having made progress on the Uskmouth conversion project and other customary conditions and draw stops for a loan of this nature.
The Payment Agreement and the Loan Agreement are both classified as related party transactions under the AIM Rules for Companies since they involve transactions with a related party of the Company, SIMEC, which is a substantial shareholder of the Company (being the Company’s largest shareholder which, as at the date of this announcement, owns approximately 49.99 per cent. of the Company’s issued share capital. The independent directors of Atlantis (comprising John Neill, Tim Cornelius, Andrew Dagley, John Woodley and Ian Wakelin), having consulted the Company’s nominated adviser, Cantor Fitzgerald Europe, consider that the terms of each of the Payment Agreement and the Loan Agreement are fair and reasonable insofar as shareholders are concerned.
The collaboration between Atlantis and its strategic partner, SIMEC, is governed by the terms of the relationship agreement entered into between SIMEC and Atlantis in 2018.
Tim Cornelius, CEO of Atlantis, commented:
“Although not the original intention, this is an excellent outcome for Atlantis. We will end up with more near-term cash to deploy on key development projects which are intended to deliver the largest possible returns for investors. The cash injections SIMEC is making validates its commitment to building a world leading project development company with the Atlantis management team and we are very appreciative of its continued financial, commercial and supply chain support. We are now in an even stronger financial position and look forward to building a portfolio of scale, starting with the flagship Uskmouth conversion project, one of the largest waste-to-energy projects in Europe.”
Jay Hambro, CEO of SIMEC Energy and Non-Executive Director of SIMEC Atlantis, commented:
“SIMEC firmly supports SIMEC Atlantis and believes these arrangements are a win-win for all parties involved. We are delighted to provide further funding to progress the ground-breaking Uskmouth conversion project which should create material value for all shareholders. We firmly believe that this project will become a blueprint for the responsible conversion of coal fired power stations around the world.”
RPAS maritime surveillance services now underway in Iceland
A medium altitude long endurance RPAS drone is being used by the Icelandic maritime authorities to enhance the maritime picture over its Exclusive Economic Zone, the service follows a request made by the Icelandic coast guard to EMSA and is expected to run until mid-July. The RPAS chosen will be integrated into the existing surveillance mechanisms and procedures covering coast guard functions in the areas of maritime safety and security, search and rescue, environmental protection, law enforcement and fisheries control.
The particular RPAS in use is adapted to withstand the strong winds and icy conditions common to the North Atlantic Ocean. It has an endurance of over 12 hours and may perform maritime surveillance tasks in areas extending as far as 200nm from the shoreline. The operations are based at the Egilsstaðir airport in the east of the island. From there, they have the capability to cover more than half of the Icelandic Exclusive Economic Zone.
EMSA’s RPAS services for Iceland involve the cooperation of several Icelandic authorities, who will be able to follow the missions remotely thanks to EMSA’s RPAS data centre. Users will include the Icelandic coast guard, the fisheries directorate, the environment agency, the customs directorate, the police force, and the search and rescue association.
The Hermes 900 RPAS is under contract by EMSA from CEiiA – the Centre of Engineering and Innovation. It is a MALE-class fixed wing, single engine RPAS and is capable of night and day operations. Using SATCOM technology, it can operate beyond radio line of sight. The payload consists of electro-optical and infra-red video cameras, maritime radar, AIS receiver, and an EPIRB receiver.
“EMSA’s RPAS services give us and our users, in this case Iceland, another lens through which we can gain even greater situational awareness. Our services have been used by three different member states since the beginning of the year and more are in the pipeline for the upcoming months,”
explained Executive Director, Maja Markovčić Kostelac.
EMSA’s RPAS services were set up in 2017 for maritime surveillance and monitoring operations to support national authorities involved in coast guard functions. This includes: maritime pollution and emissions monitoring; detection of illegal fishing, anti-drug trafficking, and illegal immigration; border surveillance; and, search and rescue operations.
TangerMed and A.P. Moller – Maersk new state of the art $800 M investment in Morocco opens its doors
New APM Terminals Medport Tangier is the second collaboration between Moroccan port TangerMed and A.P. Moller – Maersk.
With the new addition of APM Terminals MedPort Tangier, which has a capacity of 5 million TEU’s (twenty-foot equivalent), Morocco is becoming one of the most important transshipment locations in the world. TangerMed Port is already ranked leading African port and is amongst the world’s top 50 container ports worldwide given its prime location along key trade lanes and the increasing cargo flow to and from Africa.
The construction of APM Terminals MedPort Tangier took two years and a total investment of USD 800m to make this state-of-the-art facility become reality. This new transshipment terminal is designed, constructed and operated by APM Terminals, and will join the hub facilities servicing Maersk and its partners. Built utilizing the latest technology, the terminal is set to be one of the most efficient and safe in the world.
Morten H. Engelstoft, Chief Executive Officer of APM Terminals commented:
“APM Terminals has a long-term relationship with Morocco and we are proud to be operating the second container terminal in the Tanger-Med port complex. APM Terminals MedPort Tangier is a key junction in our global network allowing us to serve our customers better and further facilitate global trade.”
The new facility will support TangerMed Port to increase its annual throughput capacity to nine million TEU’s helping to improve Moroccan connectivity and further support global trade.
Morocco has seen a GDP growth of 4,1% with the positive outlook on the containerized imports and exports which will see significant growth in the years to come. Approximately 200 cargo vessels pass through the Strait of Gibraltar daily on major liner services linking Asia, Europe, the Americas and Africa. With a quay length of 1200 meters, a depth of 16 to 18 meters APM Terminals MedPort Tangier is able to facilitate the largest vessels.
AGL Energy Limited announces update on Crib Point gas import project
AGL Energy Limited (AGL) has today announced that the company expects first gas to be delivered from the proposed AGL Gas Import Jetty at Crib Point in Victoria in the second half of FY22. AGL had previously indicated first gas could potentially be delivered during FY21.
Confirmation of this timetable follows AGL's decision this week to select the Hoegh Esperanza as the floating storage and regasification unit (FSRU) for the Crib Point project, as opposed to the Hoegh Giant as communicated in December 2018.
AGL believes the Esperanza better fits timing and operational requirements arising from the Environment Effects Statement (EES) process currently being undertaken by the Victorian Government. The Hoegh Esperanza has a later delivery window than the Hoegh Giant.
AGL expects the outcome of the EES to occur no earlier than late FY20, subject to and following which AGL expects to reach a final investment decision on the Crib Point project.
Yamal LNG starts cash distribution to shareholders
Moscow, 27 June 2019. OAO Yamal LNG (“Yamal LNG” and/or the “Project”) has successfully concluded the operational and logistical tests stipulated by the terms of the Project’s external bank financing. Accordingly, the Project can formally commence cash distributions to its respective shareholders.
The timely completion of the operational and logistical tests represents another milestone achieved by the Project within 18 months of commencing first LNG, and the successful launching of the second and third LNG trains ahead of schedule.
As of today, 27 June 2019, Yamal LNG made its first cash distribution to its shareholders.
Note
Yamal LNG is constructing a 17.4 mtpa natural gas liquefaction plant comprised of three LNG trains of 5.5 mtpa each and one LNG train of 900 thousand tons per annum, utilizing the hydrocarbon resources of the South-Tambeyskoye field in the Russian Arctic. The first LNG Train began production in Q4 2017 and Trains 2 and 3 — in July 2018 and November 2018, respectively. Yamal LNG shareholders include PAO NOVATEK (50.1%), Total (20%), CNPC (20%), and the Silk Road Fund (9.9%).
KONGSBERG wins two awards at electric & hybrid marine world expo
Kongsberg Maritime has received two of the Electric & Hybrid Marine Awards presented at an award ceremony in Amsterdam. The company received the Innovation of the Year award for its SAVe Energy lithium-ion energy storage system, and the Propulsion System Manufacturer of the Year award for its contribution to the industry over the last 12 months.
“We are proud to receive these accolades. It’s inspirational to see that the market recognise the good work that we now continue to deliver as One KONGSBERG. To us, these awards also confirm that we have been joined by incredible competent people this year through our latest maritime acquisition.”
Egil Haugsdal,Managing Director of Kongsberg Maritime
Optimised for both hybrid and pure electric vessels, the lithium-ion energy storage system SAVe Energy was recognised by the judging panel as a cost-efficient, low loss system that can significantly lower CO₂, NOx and SOx from ships by making environmentally sustainable electric power more accessible.
SAVe Energy is a new, modular energy storage system specifically designed for marine applications where energy storage dimensioning and optimal life-cycle cost is heavily influenced by the required energy capacity. SAVe Energy’s unique modular design lowers the entry barrier for hybridisation or full electrification of ships in all segments and sizes by enabling easy installation and maintenance through standardisation and scalability.
The award for Propulsion System Manufacturer of the Year has criteria including product innovation, profitability and commercial success, identifying and establishing new manufacturing and R&D centres and winning new business.
Kongsberg Maritime’s propulsion business is building on traditions dating back to 1849, with on-going investment throughout the years since, including during the recent industry downturn. Manufacturing sites are located mainly in the Nordic countries; Norway, Sweden and Finland, where the large production facility located in Rauma has been undergoing a major refurbishment.
In September 2018 a new podded propulsion system was launched, Elegance, which is designed to meet market demand for smaller, more compact units. This builds on Kongsberg Maritime’s existing electric propulsion product portfolio with the L drive Permanent Magnet Motor Azipull thrusters and a range of Permanent Magnet Tunnel Thrusters and Azimuth Thrusters. 2018 also saw the launch of a new A5 waterjet and a compact tunnel thruster tailor made for the merchant market.
With a judging panel including some of the world’s leading marine journalists, industry experts and academics, the Electric & Hybrid Marine Awards are a sought-after accolade for technology companies committed to delivering green solutions for a sustainable future. This year's live ceremony took place in the exhibition hall at the Electric & Hybrid World Expo in Amsterdam Thursday, June 27.